A Mankato divorce is a difficult process to go through and involves equitable division of marital property. Some kinds of property can be complicated to divide and you may have to take additional steps to classify and value certain assets. In fact, the division of valuable collections in a divorce can lead to complexities that a professional appraisal can resolve. These collections include rare book and art collections, antique jewelry, and antique furniture. Thankfully, a Mankato divorce lawyer can offer some information you might need in the divorce process when dividing marital assets.
For a court to divide assets a couple owns in a divorce, these assets should be classified as marital property. However, one spouse might argue that certain assets should belong to them and that they are separate property. Separate property is acquired as inheritance, before the marriage, and during the marriage as a third-party gift. To ensure proper and accurate classifications of assets, you need to collect all documentation necessary such as insurance appraisals, purchase receipts, and a copy of a will that granted you the inheritance.
Valuation of Valuable Collections
When determining the value of rare collections, you must hire an appraiser to help classify them. Collects like art, antique jewelry, and rare books can fluctuate in value. Thus, a previous appraisal of their market value may not be accurate after a few years. Moreover, the court may not understand the nuances of rare collections that can impact market value. Thus, the professional appraiser you must hire should be determining market value and insurance valuations of your type of collections regularly.
Options for Collectibles Division in Divorce
You and your spouse can handle the division of your collectibles by selling them and dividing the proceeds. You can also divide the collection or allow one party to buy out the share of the other. Often, a fair market value must be assigned to every piece of collectible. You both can save money and time when you agree on an appraiser. But, if one spouse is not happy with the valuation, you can have your respective appraiser.
Divorce Settlement Negotiation
During a divorce, property division can get heated, especially if you have collectibles with sentimental value. Negotiating the split of your assets can be difficult if you and your spouse are not on good terms. So, it is best to hire a divorce lawyer to protect your rights and collectibles.